Real Estate Crash thread

[liv2ski]

the colorado state legislature is looking at taxing short term rentals at the commercial property tax rate of 27% people are freaking out there will be a fire sale of sorts but the fantasy that these units will all go back to locals is pretty comical

A 27% tax rate? you mean 2.7%?

[SKIP IN7RO]

https://www.cbsnews.com/colorado/new...ntain-rentals/

[Foggy_Goggles]

A 27% tax rate? you mean 2.7%?

2024 Assessment Rates
Classification Rate
Residential TBD
Residential Multi-family 6.8%
Commercial 29%
Commercial Lodging 29%
Commercial Renewable Energy 26.40%
Industrial 29%
Agricultural 26.40%
Agribusiness 29%
State Assessed Renewable Energy 26.40%

I think he means 29%. Colorado has a bit of a fucked system. Basically, commercial property is taxed about 4x higher than residential. In my world, it such for small time contractors or other Mom & Pop Businesses. https://dpt.colorado.gov/understandi...es-in-colorado Shit gets rezoned residential.

[joetron]

Kane Creek Road in Moab(essentially everything between Moonflower Canyon and where the road turns to dirt) is about to get 250+ units built on it. I would guess that 100% will be purchased as STR. Fuck that bullshit.


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[Name Redacted]

Kane Creek Road in Moab(essentially everything between Moonflower Canyon and where the road turns to dirt) is about to get 250+ units built on it. I would guess that 100% will be purchased as STR. Fuck that bullshit.

Moab is pretty strict on STRs, so unless they allow it, they won't be able to be short termed.

[yeahman]

I think he means 29%. Colorado has a bit of a fucked system. Basically, commercial property is taxed about 4x higher than residential. In my world, it such for small time contractors or other Mom & Pop Businesses. https://dpt.colorado.gov/understandi...es-in-colorado Shit gets rezoned residential.

You just have to wonder why STRs haven't been taxed at the commercial rate thus far. I mean they are being used as commercial enterprises, right?

[joetron]

Oops, should have been more clear, it’s outside city limits in Grand County on land that got zoned Highway Commercial in 1992 so that an old timer back there could build a campground.


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[ski-wpk]

^^^ Used to park there for the Moab trail marathon each fall. It was closed last year. Doesn’t that area flood like a MF?

[joetron]

^^^ Used to park there for the Moab trail marathon each fall. It was closed last year. Doesn’t that area flood like a MF?

Yep. But FEMA approved a plan that lets them move 680,000 cubic yds of dirt from the plateau on the other side of the road to raise the ground between the road and the river 1ft above historic flood level. That’s almost 10ft of fill in spots. 50,000 dump trucks full.
This brilliant plan doesn’t account for the flash floods that come off the rocks and cover Moonflower in 2-3ft of water.
Savemoab.org for more info.

Sorry for the activism here, but this project has got me going.


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[ski-wpk]

Thanks for sharing. Will read the website.

[shroom]

I am trying to stop a similar maneuver in spokane. 10ft of vertical dirt over 95 acres of flood plain wildlife migration and creek. 10 year period just to truck it in, crossing 4 school zones all day. site allows ingress to aquifer and city/county won’t touch water managemet due to risk. thank god an HOA can manage things for us! right? right?

[Name Redacted]

Research shows Breckenridge residents are hesitant to promote living there
https://www.summitdaily.com/news/bre...urvey-results/

[alpinevibes]

Yep. But FEMA approved a plan that lets them move 680,000 cubic yds of dirt from the plateau on the other side of the road to raise the ground between the road and the river 1ft above historic flood level. That’s almost 10ft of fill in spots. 50,000 dump trucks full.
This brilliant plan doesn’t account for the flash floods that come off the rocks and cover Moonflower in 2-3ft of water.
Savemoab.org for more info.

Sorry for the activism here, but this project has got me going.

https://kanecreekwatch.org/about/

One of the three Developers has quite the history to be pulling this deal: "Gottlieb [...] is a former trustee of the Nature Conservancy in Hawaii."

[Whiteroom_Guardian]

Wow, so that huge campground that has been closed for several years between the caves and the rivers edge?

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[fastfred]

Research shows Breckenridge residents are hesitant to promote living there
https://www.summitdaily.com/news/bre...urvey-results/

typical close the door behind me after I get here

[fastfred]

moab is fucked
the county and town have had their head in the sand for decades now
they expect everyone to just drive in from junction green river thompson springs and monticello to work
they have done little to nothing to promote and start affordable housing initiatives

oh and the old lions back campground below slick rock is become a resort/spa

[Foggy_Goggles]

Ha...Breck, Moab, Winter Park

All sucking on the Assessed Value cock. Just because it's hard, doesn't mean it is complicated. If you want something new and shiny or your name on the outside of the building, somebody has to pay for it.

Reality today in a Colorado Mountain Town (tm) versus 20+ years ago is what creates jaded townies that have a hard time being gracious for what they got. When Berthoud was closed, everyone talked about it felt like the 90s'.

So today, it is gonna be a lot more challenging to work your way from lifty/rental tech/waiter to living wage, own a condo, drive a nice truck life. And even if you can do it, you are gonna ski/kayak/snowmobile/XC a lot less.

And when you do go skiing, its gonna be different. Weekends are gonna have 18k people. You'll need to get up early and be parked before the lifts open regardless of conditions. Or take the bus. And if you want to drive home downvalley on a Friday or Saturday, you'll need to leave before 3 or after 5:30. And don't park at the Jane unless you're down for a long Pepporonis session.

Luckily, I think, plenty of people still love it. They tend to either not earn their paycheck around here, have a big pile to make it happen or someone else helps with the bills.

So no shit times have changed. In order to life the life you want to live in the mountains, you either need to have more money or make more sacrifices. To many, its still worth it.

[AdironRider]

I don't support that Moab development, but that savemoab.org website reads like a giant NIMBY spoof and is hard to take seriously.

[skaredshtles]

I don't support that Moab development, but that savemoab.org website reads like a giant NIMBY spoof and is hard to take seriously.

We've got one of those nearby with a reservoir that they are proposing to increase (simply by storing more water). The locals are all in a NIMBY froth and their website also is tough to take seriously.

[fastfred]

I don't support that Moab development, but that savemoab.org website reads like a giant NIMBY spoof and is hard to take seriously.

I'm all for taxing or creating fees to offset new development those fees can goto developing affordable housing projects
what about the road? It's pretty narrow who is responsible for widening that and putting in a shoulder? or are they just going off the front range play book of approving endless developments without a road plan in place?

as far as the nimbys we have them in summit county too
and I hate to say it these millennials really do think they are owed something for nothing

the kicker all these people want resort town amenities without the cost of living or the tourists
it's beyond me you can't have it that way
it's time to move on and find a small town somewhere else without rich people and tourists but you know that's pretty scary stuff to do

[Conundrum]

Mountain mining or logging towns that don't know they're cool yet. Oh wait...we're talking about the United States? Would be a lot easier if we could get people off skiing and on opioids or meth.

[Toadman]

Mountain mining or logging towns that don't know they're cool yet. Oh wait...we're talking about the United States? Would be a lot easier if we could get people off skiing and on opioids or meth.

I don't think that's a problem getting people on drugs.

[Foggy_Goggles]

Really the best thing the developers have going is the Karen's. The NIMBY bitches are so universally unlikable, that the binary alternative usually looks pleasant. That said, good Karen on Karen ranting in a public meeting is gold.

[skaredshtles]

I don't think that's a problem getting people on drugs.

Let's face it... drugs sell themselves.

[mud]

Fed say let it ride.
https://www.cnbc.com/2024/01/31/fed-...uary-2023.html